Tax Considerations
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Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan. His bill would scrap the current tax system and replace it with a flat 9% corporate income tax, a 9% tax on individual income and a 9% national sales tax (Skousen, M., 2011).
In your opinion, what impact would this tax plan have on the corporation?
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Solution Summary
US corporate dollars are essential for governmental current and future projects. The money generated by corporate taxes is an irreplaceable source of income for the US government. This solution addresses the question regarding rewriting the US tax code and applying the 9-9-9 tax policy. The solution contains in text citations and a reference.
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American corporations provide a substantial amount of US tax dollars, however, the vast majority of tax dollars come from single proprietor businesses. The real problem with the 9-9-9 plan is related to the severity of the reduction that corporations would be allowed to pay and tax this would severely reduce the amount of tax revenue generated from corporations (Sloan, & Rubin 2011). The corporate tax rate is currently at 40 ...
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